315 in Action | Fund Complaint Ranking: Unfulfilled Contracts and Unauthorized Deductions Become Disaster Areas, Guotai Dacheng Silver, Tianhong, Huitian Wealth, and Jingshun Great Wall Called Out

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Special Topic: 2026 March 15 Fund Complaint Exposure Platform

The annual World Consumer Rights Day is approaching. To boost consumer confidence, promote the joint governance of consumer rights protection, and create a safer, more trustworthy consumption environment, Sina Finance has partnered with Black Cat Complaint Platform 【Download Black Cat Complaint App】【Download Black Cat Complaint App】 to launch the 2026 March 15 Consumer Rights Protection Campaign. According to data from Sina Black Cat Complaint 【Complaint Entry】, from March 15, 2025, to February 28, 2026, a total of 40 fund companies received 1,631 valid complaints, and 8 fund distribution agencies received 192 valid complaints.

In terms of fund company complaints, Guotou Ruiyin Fund ranked first with 1,597 valid complaints, with a reply rate of 73.51% and a completion rate of 3.82%. The main issues involved unfulfilled contracts, unilateral rule changes, and consumer fraud. This is closely related to the valuation adjustment incident of Guotou Silver LOF at the beginning of the year, which caused additional losses for investors and triggered numerous complaints.

Following closely, Tianhong Fund received 34 complaints, with a reply rate of 94.12% and a completion rate of 35.29%. The complaints mainly involved “unauthorized deductions without consumer consent and no records of expenditure.” Tianhong Fund responded that users may have enabled automatic transfer features such as Yu’e Bao’s balance savings or salary financial management, leading to automatic deductions from bank cards to Yu’e Bao accounts.

Huitianfu Fund ranked third with 16 complaints, reply rate 0%, completion rate 12.5%. The issues focused on “no refunds, misleading consumers.” Invesco Great Wall Fund received 11 complaints, with a reply rate of 100% and a completion rate of 45.45%, involving “embezzlement of earnings and inability to withdraw balance.”

Efund, CCB Fund, GF Fund, Yongying Fund, Hua’an Fund, and China Merchants Fund each had 10, 9, 8, 7, 6, and 6 complaints respectively, among the top ten. Yongying Fund had a reply rate and completion rate of 0%, China Merchants Fund’s reply rate was 33.33% with a 0% completion rate, indicating room for improvement in processing efficiency.

Additionally, Qianhai Kaiyuan Fund, Guotai Fund, Southern Fund, China Europe Fund, Bosera Fund, Hui’an Fund, Chuangjin Hexin Fund, Debang Fund, Harvest Fund, China Merchants Schroder Fund, and Great Wall Fund also have complaint records, covering issues such as false advertising, no refunds, unauthorized deductions, withdrawal failures, and indifferent customer service.

Fund Distribution Agency Complaint Rankings: Tonghua Wealth leads, with JD Kenterui Fund, Ant Fund, and Tengan Fund also on the list

Regarding fund distribution agencies, 8 institutions received a total of 192 valid complaints. Tonghua Wealth ranked first with 67 complaints, reply rate 7.46%, completion rate 0%, mainly involving “unauthorized deductions and no refunds.” JD Kenterui Fund received 40 complaints, reply rate 47.5%, completion rate 0%, involving “unauthorized deductions, no refunds, and customer information leaks.” Ant Fund received 35 complaints, reply rate 0%, completion rate 0%, mainly about “unauthorized deductions, false advertising, and unresponsive customer service.”

Other agencies such as Tengan Fund, Tiantian Fund, Noah Zhengxing Fund, Lide Fund, and Luxiang Fund also have complaint records. Lide Fund was complained about for “fraudulent practices and phone harassment,” while Luxiang Fund was complained about for “withdrawal issues.”

Complaint issues focus: breach of contract, unauthorized deductions, and false advertising are major concerns

Based on complaint content, investor issues mainly include:

1. Breach of contract and unilateral rule changes: represented by Guotou Ruiyin Fund, investors question the fund company’s unilateral change of valuation rules, leading to extra losses. Compensation plans have dissatisfied large investors.

2. Unauthorized deductions without consent: complaints against Tianhong Fund, CCB Fund, and Hua’an Fund involve unauthorized deductions from bank accounts or accounts.

3. False advertising and misleading practices: Efund, Huitianfu Fund, Yongying Fund, and China Merchants Fund have been accused of exaggerated promotion and misleading investment behaviors.

4. No refunds and withdrawal difficulties: complaints against Invesco Great Wall, GF Fund, Southern Fund, and Guotai Fund involve redemption issues and delayed fund arrivals.

5. Indifferent customer service and low resolution efficiency: many institutions are criticized for lack of follow-up after complaints, slow responses, and low resolution rates.

Overall, since 2025, complaints in the fund industry have increased, especially due to product valuation adjustments causing concentrated complaints. This reflects investors’ rising demands for transparency, rule stability, and quality customer service. As World Consumer Rights Day approaches, how to respond to investor concerns and improve complaint handling efficiency remains a pressing issue for fund companies and distributors.

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Editor: Company Observation